Marketing functions nowadays are becoming more and more taken care of with the help of the internet, so, many think trade shows will become less important. Somewhere this is a virtual world and a virtual thought. The world becoming digitalized. Robotics and Automation are prevailing and Artificial Intelligence is making a mark at every stage. People still prefer to see the product and shake hands.
Trade shows allow prospective buyers to walk up to the exhibitor and get a quick company summary and a product demo. We are experiencing that traditional marketing methods like TVs, radios, and newspapers had very little or almost no impact of mediums like youtube, facebook, Netflix. Or e-commerce websites. On the contrary, On the other hand, trade shows have been on a steady increase. In 2016, 20.77 million m2 of space was sold globally by exhibition organizers which is a 5.5% increase compared to the last year 2015.
The chart below shows the size of the trade show industry is increasing year by year.
Here are scheduled Trade shows in the upcoming Year.
Some more statistics clearly shows the bright future of Trade Shows in upcoming years.
Trade shows are unique and cannot be replaced.
Trade shows facilitate one to one communication between the Company and its prospective buyers. Unlike other marketing mediums, it is a two-way interactive avenue to sell as well as buy products. Again apart from only selling and buying the products Trade show is the best avenue to understand market trends, competitors’ reach, Industry standards, etc.
It is unique in literal means as it is the best way where you can demonstrate your product and explain it to the masses. And at the same time get their feedback.
Future of Trade Shows
A trade show a few years back and that as of now are different. Now technology has ruled the Trade Show. Every company display not only its new, improved and developed products but also find creative and innovative ways to display them. Such innovation has become a paramount need for companies to prove their capabilities and imagination. Instead of traditional design and its recording, Companies prefer to use technology and built an extraordinary Booth.
Augmented reality is expected to be part of B2B trade fairs in the future. It is already being used at some fairs. The Washington Restaurant Association provided live streaming through Google Glasses. The technology is still in its infancy but should be bought to more mainstream.
As per sources of B2B Magazine, Marketing expenses for events increased by 7.2% in 2014. In the “Marketing Outlook 2014” study by the B2B magazine, events are listed as the second-largest growth area in media spending just behind the digital media.
The Reasons Behind Bright future
As we have concluded that the Trade shows are unique and there can not be its replacement. Now Let’s see the reasons for its Bright future through some of the evidence that proves the need for trade shows and the motivation behind the innovation in Trade Shows.
According to exhiburveys.com, 49% of trade fair visitors plan to buy one or more of the exhibited products/services.
Another fact is that 82% of trade fair visitors are entitled to buy. So 1 in 2 participants do not just want to buy something, the majority of them or 4 out of 5 have the power to do so. Source: ceir.org
It is observed and mentioned by ceir.org that, 46% of trade fair visitors are managers or executives. In an average situation, it can be difficult to get in touch with the top decision-makers, Trade Shows facilitate the same.
You may also be interested to read –
Complete Guide for Trade Show Marketing (Why, Which, When, What, How)